Telecom Egypt Q3 net profit drops 21pc

CAIRO: Land-line monopoly Telecom Egypt posted a 21 percent drop in third-quarter net profit on Monday as it continues to suffer the economic fall-out of a popular uprising.

The company, which is banking on data services to offset lower fixed-line income, said its net income fell to 622.7 million Egyptian pounds ($104.2 million) from 789.8 million in the same period a year earlier.

Operating revenues fell 9.7 percent to 2.35 billion pounds.